Diversify Advisory Services LLC Has $1.15 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Diversify Advisory Services LLC reduced its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 24,472 shares of the electronics maker’s stock after selling 352 shares during the period. Diversify Advisory Services LLC’s holdings in Corning were worth $1,153,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. West Oak Capital LLC boosted its stake in Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after purchasing an additional 215 shares during the last quarter. Lake Street Advisors Group LLC boosted its position in shares of Corning by 4.5% during the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after buying an additional 232 shares during the last quarter. Grove Bank & Trust grew its holdings in Corning by 14.6% during the fourth quarter. Grove Bank & Trust now owns 1,858 shares of the electronics maker’s stock worth $88,000 after buying an additional 237 shares in the last quarter. SteelPeak Wealth LLC raised its position in Corning by 3.3% in the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after buying an additional 239 shares during the last quarter. Finally, Brown Lisle Cummings Inc. lifted its stake in Corning by 1.5% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after acquiring an additional 250 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by insiders.

Corning Stock Performance

NYSE GLW opened at $49.83 on Tuesday. The firm has a market cap of $42.66 billion, a P/E ratio of 293.12, a price-to-earnings-growth ratio of 1.28 and a beta of 1.04. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company’s 50 day moving average is $47.96 and its 200-day moving average is $45.08. Corning Incorporated has a 12-month low of $29.82 and a 12-month high of $51.03.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the firm posted $0.45 EPS. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. Sell-side analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on GLW. JPMorgan Chase & Co. upped their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. UBS Group upped their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Morgan Stanley lifted their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.77.

Corning Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.